No it isn't always relevant, your translation of above is exactly what I was explaining in an earlier post. Where someone started on a tracker ro a fixed option with the tracker specified as the roll on rate then they should always go back to the start. But if someone started on a bog standard variable for example and later chose a tracker when it was offered and then subsequently again fixed then they would not automatically have a right to go back a step to the tracker unless they were still being offered on maturity of fixed. They would go back to the starting type of rate on the loan offer.
The terms and conditions for this one say at end of the fixed rate it will be a choice of tracker variable or another fix.
At the end of the fixed rate period it says I can choose to return to tracker variable or fix again.
There were conditions that were sent out after I fixed to confirm that I had fixed and what would happen if I wanted to break out of the fixed rate.
I can send those. I don't think it mentions what happens after the full term of the fixed period.
Unfortunately, your documentation clearly says that you will default to a variable rate loan - not a tracker.
Not necessarily it depends on what the banks definition of "variable interest Mortgage loan" is, and unless their is a clear definition of the term in the contract, that term could be used to describe a tracker.
For example the BOI contract never mentions the word tracker.
Actually it is very clear cut
Because the tracker I started out on is a variable rate loan!
Thankfully no confusion there.
So if I started out on tracker then to tracker I shall return.
I just asked what is your interest?
Do you not want to tell?
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